BNR avertizează: „Mai mulți bani pentru stat înseamnă mai puțini bani pentru economie”. România, pe ultimul loc în UE la intermediere financiară

Romania has the lowest financial intermediation level in the EU, with loans to the economy at only 40% of GDP. The increasing financing needs of the state are straining resources for private companies and investments, according to BNR's deputy governor Cosmin Marinescu. Bank exposure to the state reached 28% of assets in 2025, the highest in the EU. Financial intermediation is crucial for economic growth, requiring both funding availability and solid companies to secure loans. Many firms prefer alternative financing sources, leading to a low banking penetration rate. The high reliance on commercial credit poses liquidity risks. Despite a post-pandemic credit increase, Romania still lags behind the euro area in financing costs, affecting competitiveness. The state's borrowing needs further complicate private sector financing, as increased demand raises interest rates, making loans less accessible. The capital market remains underutilized as an alternative for company financing, with…